IPOE proxy vote to merge with SoFi

I know some people on this board are still holding IPOE and are looking for news on the merger with SoFi. There were rumors that it wouldn’t happen.

I received my paperwork today to vote on the merger. Spoiler alerte=, I voted for the merger! I know there was a discussion on the board regarding the valuation. I am not a lawyer and there are obviously are a lot of caveats in this document, but here are the details regarding valuation:

At the effective time of the Merger, among other things, each outstanding share of SoFi common stock and preferred stock(other than shares of SoFi Series 1 Preferred Stock, which will be converted on a one-for-one basis into shares of SoFi Technologies Series 1 Preferred Stock) as of immediately prior to the effective time of the Merger will be converted into SoFi Technologies common stock based on the exchange ratio applicable to such shares of SoFi common stock and preferred stock, as applicable, and shares of SoFi common stock reserved in respect of SoFi Awards (as defined below) outstanding as of immediately prior to the effective time of the Merger, will be converted into SoFi Technologies awards based on SoFi Technologies common stock, representing an aggregate of approximately 657,000,000 shares of SoFi Technologies common stock (subject to increase as provided in the Merger Agreement), or, as applicable, shares underlying awards based on SoFi Technologies common stock or warrants to purchase SoFi Technologies common stock (the “Aggregate Common Share Consideration”), representing a pre-transaction equity value of SoFi of approximately $6.6 billion (the “Aggregate Merger Consideration”).

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